Bank Irvine has officially opened. The California de novo bank debuted on Tuesday, according to the Federal Deposit Insurance Corp. Organizers received conditional approval from the FDIC on Aug. 24, which required the group to raise $25 million to open the bank. The group, which plans to open a second branch in Encinitas, Calif., applied with the FDIC in September. “The bank plans to serve the banking needs of small- and

A de novo bank planned in Minneapolis is seeking to become a minority financial institution that would offer Shariah-compliant products and services. Organizers recently submitted an application with the Federal Deposit Insurance Corp. for AarBank. More than 51% of the voting stock would be owned by minority individuals, according to the application. “The organizers aim to achieve financial success in serving the broad needs of the community and the people

Centric Financial in Harrisburg, Pa., explored several mergers, including a merger of equals, before agreeing to be sold to First Commonwealth Financial in Indiana, Pa. The $9.5 billion-asset First Commonwealth agreed on Aug. 30 to buy the $1 billion-asset Centric for $144 million. Centric and its investment bank began a series of discussions with two unnamed banks about a potential sale during the second half of 2020, according to a

First Internet Bancorp in Fishers, Ind., and MainStreet Bancshares in Fairfax, Va., remain committed to their Banking-as-a-Service platforms. BaaS has gained more scrutiny from regulators, with the Office of the Comptroller of the Currency hitting Blue Ridge Bank with an enforcement order and the Consumer Financial Protection Bureau expressing an interest in banks’ dealings with fintech. “We remain focused on our fintech and Banking-as-a-Service initiatives as a way to grow

Silvergate Capital in La Jolla, Calif., is no longer on pace to create its own stablecoin in 2022. Alan Lane, the $15.5 billion-asset company’s CEO, made the disclosure during a conference call to discuss quarterly earnings. He said Silvergate is continuing to work with its regulators while also working on building compliance and operational “muscle.” “We're certainly disappointed that it looks like we're gonna miss our goal of launching it

U.S. Bancorp in Minneapolis is on pace to buy MUFG Union Bank in San Francisco on Dec. 1. The $601 billion-asset company said in a press release that it received a green light from the Japanese Financial Services Agency, completing all the approvals needed to complete the $8 billion acquisition. The Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. all recently approved the deal. “We

MidWestOne Financial Group in Iowa City has its next CEO lined up. The $6.4 billion-asset company said in a press release that Chip Reeves will take over the role on Nov. 1. Reeves previously served as president and CEO of Beach Bancorp in Fort Walton Beach, Fla., which was recently sold to First Bancshares in Hattiesburg, Miss. Reeves will succeed Charlie Funk, who is retiring. Len Devaisher, MidWestOne’s president and

Citizens Financial Services in Mansfield, Pa., has agreed to buy HV Bancorp in Doylestown, Pa. The $2.2 billion-asset Citizens said in a press release that it will pay $67.4 million in cash and stock for the $571 million-asset HV Bancorp. The deal is expected to close in the first half of 2023. HV Bancorp has $388 million of loans and $482 million of deposits. Travis Thompson, HV Bancorp’s CEO, and